The following information is for Tamarisk Auto Supplies:CashPrepaid InsuranceAccounts ReceivableInventoryLand Held for InvestmentLandBuildingsLess AccumulatedDepreciationTrademarkTotal Assets$202000$581000.$732000.$0.$182000.(66000)TamariskAuto SuppliesBalance SheetDecember 31, 2020$ 3900078000100000137000182000254000136000140000$1066000Accounts PayableSalaries and Wages PayableMortgage PayableTotal LiabilitiesOwner's CapitalTotal Liabilities andOwner's EquityThe total dollar amount of assets to be classified as investments is$ 12800050000145000323000743000$1066000

The objective of the question is to determine the total dollar amount of assets that can be…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following data to determine the total dollar amount of assets to be classified as 2. property, plant, and equipment. Koonce Office Supplies Balance Sheet December 31, 2022 $ 210,000 30,000 Cash Accounts receivable Inventory Prepaid insurance Stock investments (Long-term) 255,000 Land Buildings Less: Accumulated 195,000 150,000 165,000 90,000 Accounts payable Salaries and wages payable Mortgage payable 240.000 480,000 Total liabilities 360,000 750.000 $1.110,000 270,000 $315,000 depreciation Trademarks Total assets Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity (60,000) 255,000 210,000 $1.590.000 $1.590.000 a. $990,000 b. $525,000 C. $735,000 d. $585,000 3. Use the following data to determine the total dollar amount of assets to be classified as investments. Koonce Office Supplies Balance Sheet December 31, 2022 195,000 150,000 165,000 90,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $4…
The following is the trial balance extracted from the books of the heavy equipment company :on 12/31/2019 Debit balance credit 9920 39360 72000 960 account name box Owe Goods at the beginning of the period Prepaid insurance expenses Insurance expenses Machinery and equipment Stationery and supplies Stationery expense Machinery consumption complex Machinery depreciation expense Creditors capital Personal withdrawals the sales 1920 51200 112 688 15360 5120 26624 96000 7200 442400 5440 4160 304000 Sales returns and allowances Sales discount allowed Purchases Returns and allowances of purchases Purchase discount (earned) Purchasing transportation expenses Payroll expenses payable Salary expense Rental expense General maintenance expenses Total 2816 1920 7360 640 51840 22400 2080 585760 585760 .If you know that the value of the merchandise at the end of the period was 50,000 dinars : Required .Record the closing restrictions in the general journal Photocopy of the trading account for the…
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Total current liabilities would be: Revenue $50000 Utilities Expenses $7800 Cash $56000 Mortgage Payable $100000 Income Tax Expense $3000 Prepaid Insurance $3600 Deferred Revenue $5500 Accounts Payable $8000 Accounts Receivable $90000 Land $80000
The following information is for Acme Auto Supplies: Trademark Land Buildings Less:Accum. Depreciation Land Held for Investment Prepaid Insurance Inventory Accounts Receivable Cash Total Assets $600,000 $ 420,000 Share Capital $720,000 Retained Earnings 1.500.000 $570,000 180.000 420.000 990,000 480,000 Accounts 240,000 Payable 390,000 Salaries/Wages 60,000 420,000 Payable Mortgage 300,000 Payable 360.000 Total Equity $ 3.210.000 and Liabilities 540,000 The total dollar amount of assets to be classified as current assets is $1,320,000 $900,000 $1,800,000 $1,080,000 Acme Auto Supplies Statement of Financial Position December 31, 2017 990.000 $ 2.220.000 $ 3.210.000
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